Top 3 Price Prediction Bitcoin, Ripple, Ethereum: A slow-motion squeeze changes the game
|- ETH/USD takes advantage and should become the market leader again.
- BTC/USD also improves tone and supports a bullish market.
- XRP/USD comes out of the hole but the risk of falling continues.
Yesterday, Crypto's leading role in the market fell entirely to the XRP as it suddenly collapsed at the start of the American session. The minimum price level reached in the XRP/USD pair was $0.2869 and certainly caused panic sales. Once the weak hands had been shaken, the price turned upwards and progressively recovered to the levels before the collapse.
As I stated yesterday in my article, some indicators were very biased, and there was likely to be a backlash. Yesterday's forecast is happening today, opening a new window of bullish opportunity for the crypto market as a whole.
It is too early to know whether this will happen or not, but the strong upward reactions of Cardano and Eos are conducive to the market entering a bullish phase.
Both Bitcoin and Ethereum withstood well the moments of more uncertainty and despite falling at first, managed to stabilize the price at the first level of support.
Today at the opening of the Asian session, prices have started to move upward with mixed success as we will see in the detailed analysis.
ETH/BTC 240 Minute Chart
The ETH/BTC pair rise today to the price level of 0.0345 and remains for the time being at the gates of the upper segment of the scenario starting at the level of 0.0347. If the ETH/BTC gets above that level, we can see the crypto market rising very sharply.
Above the current price, the first resistance level for the ETH/BTC pair is at the price level of 0.0347 (parallel bullish line). The second resistance level, already within the upper segment of the scenario is at the price level of 0.035 (price congestion resistance), then the third resistance level is at the next parallel bullish line at the price level of 0.036.
The MACD on the 4-hour chart rises above the fast average of the 0 levels, entering the positive zone. The separation between the lines is very discreet, and you will have to wait for the first resistance level to gain amplitude.
The DMI on the 4-hour chart changes dramatically from yesterday's scenario. Bulls get something very uncommon and surpass the ADX line on the first attempt while sending bears below it. An unexpected twist in the script and very positive for the price.
Do you want to know more about my technical setup?
BTC/USD 240 Minute Chart
The BTC/USD pair is currently trading at the $3,999 price level, once again above the moving averages lost late Monday. It seems to be preparing for a new attempt at the $4,000 level, a resistance that has gained in technical importance in recent days.
Above the current price, the first resistance level is at the price level of $4,000 (price congestion resistance). The second resistance level is at the price level of $4,050 (price congestion resistance), this being the price level that separates the lateral scenario from the bullish mid-term one. The third resistance level for the BTC/USD pair is at the $4,200 (price congestion resistance).
Below the current price, the first support level is at the price level of $3,950 (price congestion support and EMA50), and that extends beyond that with the SMA100 at $3,963, a price congestion support at $3,900 and the SMA200 at the price level of $3,890. Formidable support for the bullish action of the BTC/USD pair. The second support level is at the $3,700 price level (price congestion support), and the third support level for the BTC/USD pair is at $3,600.
The MACD on the 4-hour chart crosses the bullish channel. It is still moving in the negative zone of the indicator, but the aspect is positive for the short term.
The DMI on the 4-hour chart shows the bulls reacting strongly to the bullish winds, while the bears are retreating actively although they still hold the lead against the bullish side of the market. Both are moving below the ADX line, a situation that can complicate the resolution of the current scenario.
ETH/USD 240 Minute Chart
The ETH/USD is currently trading at the $138.9 price level, a few cents above moving averages.
Above the current price, the first resistance level for the ETH/USD pair is at the price level of $142 (price congestion resistance), then the second resistance level is at $150.5 (price congestion resistance). The third resistance level for the ETH/USD pair is at the price level of $161.5.
Below the current price, the first support level for the ETH/USD pair is at the price level of $135 (EMA50, SMA100, and SMA200), a relatively strong first support. The second support level is at $130 (price congestion support), while the third support level is at the $120 price level (price congestion support).
The MACD on the 4-hour chart shows how the fast average enters the positive zone of the indicator, which will end up dragging the slow average as well. It is a favorable setup in the short term.
The DMI on the 4-hour chart shows differences from what we have seen on the BTC/USD pair. Here the bulls are placed above the bears and move slightly above the ADX line. Here may be the key for the next few weeks. Ethereum shows better configuration than Bitcoin, and that is positive for the market in general.
XRP/USD 240 Minute Chart
The XRP/USD pair was the star of yesterday. It reached the price level of $0.286 at the worst possible time, turning upwards to regain the critical level of $0.30.
Above the current price, the XRP still has the leading moving averages. These moving averages create a significant resistance zone that starts at the price level of $0.308 (price congestion resistance and EMA50), continues at the $0.312 (SMA100) level, then at $0.315 the SMA200 and finally at the price level of $0.3175 (price congestion resistance). The second resistance level for the XRP/USD pair is at the price level of $0.327 (price congestion resistance), and the third resistance one is at $0.3350 (price congestion resistance).
Below the current price, the first support level is at the price level of $0.300 (price congestion support), then the second support level for the XRP/USD pair is at $0.295 (price congestion support) and the third support level is at $0.288 (price congestion support). All three support levels were easily pierced yesterday, so their strength is in doubt.
The MACD on the 4-hour chart shows a clear bullish cross, albeit still far from the positive side of the indicator. The slope is very positive, and a good opening between the lines has been achieved. Confident in the short term.
The DMI on the 4-hour chart shows bears dominating the market but losing much of their advantage over bulls. The latter reacted strongly to the reasonable prices seen yesterday.
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